1. Identify an accounting scandal at a corporation that has resulted in a loss of reputation to the accounting profession. Explain the crime(s) committed. In early 2008 Lehman borrowed large amounts to fund its investing in the years leading to its bankruptcy in 2008‚ “a process known as leveraging or gearing”. A large part of their investments were towards housing market‚ making it vulnerable to a downturn in that market. This firm generated large profits during the housing boom‚ this place them
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CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING IFRS questions are available at the end of this chapter. TRUe-FALSe—Conceptual Answer No. Description F 1. Nature of conceptual framework. T 2. Conceptual framework definition. F 3. Levels of conceptual framework. T 4 International conceptual framework. F 5. Statements of Financial Accounting Concepts. T 6. Decision usefulness.Objective of financial reporting. F 7. Financial statement users. T 8. Relevance and
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Introduction It was not until recently that accounting and reporting acquired 3 new aspects to it‚ organisations are now being expected to be embracing Corporate Social Responsibility. This entails social and environmental reporting as well as having a well formulated code of ethics. In this essay I will be exploring the concepts‚ benefits‚ and drawbacks of Ethical‚ Social‚ and Environmental Accounting and Reporting. Definitions Ethical accounting and reporting Ethics can be described as the
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of the biochemical produced a cure causing thousands of lives to be saved‚ then this may make him a good person. The result of this biochemical produced happiness for the masses by saving lives and curing disease. Considering the principle of utilitarianism is pleasure of the masses‚ the result of his actions would now be considered moral due to the amount of happiness that was produced. Although this may be a simple explanation of the scenario‚ other factors must be taken into account‚ such as
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Ethical Standards in Health Care Accounting Ethical Standards in Health Care Accounting As a health care manager‚ there is a need to understand the basic accounting principles and the need to be able to look at a financial report and understand what it says. Without these keys and a good ethical compass‚ there could be serious consequences and could result in loss of revenue‚ funds‚ termination‚ or even prison time. Now this may seem like an extreme statement‚ but without using the four elements
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child then she is in effect impeding on the child’s right to the same happiness. Of course‚ in following with the deontology theory we must remember that we treat everyone as an end in themselves and not a means to an end. Since an unborn child is a human and taking a human life is wrong then abortion is wrong. By killing a human being‚ even an unborn human being‚ the mother is treating that life as a means to an end for herself‚ not as an end in itself. The killing of that human being is a means
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An Army White Paper: The Army Profession of Arms‚ Its Culture‚ and Ethic The overall objective of the Army Profession of Arms campaign is for Soldiers and leaders to refine their understanding of what it means to be professionals--expert members of the Profession of Arms--after nine years of war and to recommit to a culture of service and the responsibilities and behaviors of our profession as articulated in the Army Ethic. GEN Martin E. Dempsey‚ CG‚ TRADOC The preeminent military task‚ and
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In the book‚ The Future of the Professions‚ authors Richard and Daniel Susskind discuss how advances in modern technology have affected various professions. (R.Susskind and D.Susskind‚ 2015) In Chapter 1‚ the reader is introduced to four central questions: are there more affordable and accessible ways to organize professions and their work‚ can non-professionals do the work of professionals‚ how much do we trust professionals and is the grand bargain working? (Susskind 2015‚ pg.32) In the following
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Agreements Individual Transitional Employment Agreements (ITEAS) ʻCertified Agreementsʼ Minimum conditions (State) (Industrial Relations Act (Qld) 1999) State system employees are those employed b y the public service or a local council. Unless an award or agreement that applies to an employee provides for better conditions‚ state system employees in Queensland are entitled to: equal pay for work of equal or comparable value 12 months unpaid parental leave long service leave
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1. Define Ethics -the study of standards of conduct and moral judgment; moral philosophy; the system or code of morals of a particular person‚ religion‚ group‚ profession‚ etc. -Ethics can be one of two things: it can be something that you study and think about‚ or it can be a code that you follow and live by. Thus‚ it would seem that the definition of ethics is a code determined by what is "right" and "wrong." Ethics also refers to a code of conduct that guides an individual in dealing with
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